Abercrombie & Fitch said to be fielding takeover offers

US retailer Abercrombie & Fitch is reported to have appointed advisers to field interest from other retailers interested in buying the chain.

According to Reuters the business has hired Perella Weinberg Partners to handle the approaches with sources suggesting there is no certainty they will lead to a sale.

Shares in Abercrombie & Fitch, which had been trading at a 17-year low thus making it susceptible to a takeover, rallied on the back of the news. Shares were trading at $12.67 yesterday and at the time or writing were trading at around $14.

The teen retailer has been struggling to regain the popularity it enjoyed in the 1990s and early 2000s and came under criticism for its elitist brand positioning, such as employing only model-standard shop workers. It has also failed to compete against fast fashion rivals.

At the end of last year it unveiled a new brand image aimed at making it more inclusive and more appealing to millennials. When it unveiled the campaign to support it, it claimed to have "wiped the slate clean" and wanted to encourage people to take a look at it with fresh eyes.

The 125-year-old brand, which also owns surf brand Hollister, operates around 900 stores (just over 700 of which are in the US).

Neither Abercrombie & Fitch nor Perella Weinberg Partners were commenting on the news today.